Slides
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Q1FY27 Results September 1, 2026
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Contents 1 Growth Momentum and Execution 2 Q1 FY27 Financial Details 3 Updated FY27 Outlook 4 Appendix • Select non-GAAP financial measures • GAAP to Non-GAAP Reconciliations • Acronyms/Glossary Q1 FY27 Earnings 2
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Forward Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties, including risks related to competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, government regulation, geopolitical conflicts, general economic conditions, and other risks and uncertainties described in MiniMed’s periodic reports on file with the US Securities and Exchange Commission. Actual results may differ materially from anticipated results expressed or implied by these forward-looking statements. MiniMed’s forward-looking statements speak only as of the date of this presentation. MiniMed undertakes no obligation to update forward-looking statements or any of the information contained in this presentation. Non-GAAP Financial Measures In this presentation MiniMed includes certain financial measures not presented in accordance with U.S. GAAP. These “non-GAAP financial measures” are intended to supplement, and should not be considered as superior to, or substitutes for, financial measures presented in accordance with U.S. GAAP. These non-GAAP financial measures include the following measures for Q1 of FY’27: Organic Revenue, Adjusted EBITDA, Adjusted Gross Profit, Adjusted SG&A, Adjusted R&D, Adjusted SG&A (ex-timing), Adjusted R&D (ex- timing), Adjusted EBITDA (ex-timing and non-operational impacts), Free Cash Flow, Free Cash Flow (ex-transition costs) and Net Cash (used in) Operating Activities (ex-transition costs). These non-GAAP financial measures also include the following measures for Q1 of FY’26: Adjusted Standalone EBITDA, Organic Revenue, Adjusted Standalone Gross Profit, Adjusted Standalone SG&A and Adjusted Standalone R&D. Except for Net Sales, US Sales, International Sales, and Organic Revenue, for each of the Q1 FY’ 26 financial measures presented herein certain historical cost allocations related to centralized support functions that were originally allocated from Medtronic to MiniMed on a GAAP basis have been replaced with the expected run-rate cost structure for MiniMed as a standalone entity, allowing for a comparable analysis of reporting periods after MiniMed’s fiscal year ended April 24, 2026. Certain of these Q1 FY ‘26 financial measures also eliminate the impact of certain incremental non-recurring costs. Unless otherwise noted, year over year comparisons are to these Q1 FY’26 financial measures presented on a standalone basis. MiniMed believes that these non-GAAP financial measures provide information useful to investors in understanding MiniMed’s underlying operational performance and trends and may facilitate comparisons with the performance of other companies in the medical technologies industry. Reconciliations for each of the foregoing non-GAAP financial measures to the most directly comparable GAAP measures are included in the section titled “GAAP to Non-GAAP Reconciliations”. MiniMed does not provide a reconciliation to the most directly comparable GAAP measure for fiscal year 2027 Organic Revenue Growth and fiscal year 2027 Adjusted EBITDA Margin which are forward-looking Non-GAAP measures, because certain items cannot be reasonably predicted without unreasonable effort. Such items could have a substantial impact on GAAP measures of financial performance. Trademarks, Trade Names, and Service Marks The trademarks, trade names, and service marks of MiniMed appearing in this presentation are, as applicable, our property, licensed to us, or the property of Medtronic MiniMed, Inc. The name and mark, Medtronic, and other trademarks, trade names, and service marks of Medtronic appearing in this presentation are the property of Medtronic, Inc. The sensor shape and appearance, Abbott, and “a” logo, are marks and/or designs of Abbott Diabetes Care Inc. and used under license. Solely for convenience, trademarks, trade names, and service marks referred to in this presentation may appear without the "®," "TM," or "SM" symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent possible under applicable law, our rights or the rights of the applicable licensor to these trademarks, trade names, and service marks. This presentation also contains additional trademarks, trade names, and service marks belonging to other parties. Third-party brands are trademarks of their respective owners. We do not intend our use or display of these other parties' trademarks, trade names, or service marks to imply, and such use or display should not be construed to imply a relationship with, or endorsement or sponsorship of us by, such other parties. ©2026 Medtronic MiniMed, Inc. MiniMed and MiniMed logo are trademarks of Medtronic MiniMed, Inc. Q1 FY27 Earnings 3
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Growth momentum and execution
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Strong double digit organic revenue growth to start the year. Results ahead of expectations driven by US growth acceleration and continued robust International growth US: Double digit growth on strength of MiniMed Flex with Simplera Sync launch, which started in June; US New Pumps Sold (NPS) increased >20% y/y International: continued double-digit growth on expanded Simplera supply and Instinct, made by Abbott, launch New product launches underway: MiniMed Flex with Simplera Sync in the US; MiniMed 780G system with Instinct in EU; MiniMed Go Smart MDI system global rollout Pipeline momentum, ahead of schedule • MiniMed Flex with Instinct launched in the US mid-August • MiniMed Fit patch pump submitted to FDA, ahead of Fall target; expect full US launch in Summer CY27 • MiniMed Flex received CE Mark, well ahead of our calendar year end target; commercial launch to begin in November this year • Vivera FCL US pivotal trial for T1 and T2 enrollment complete; expect H2 CY27 US launch • Next-gen MiniMed extended wear sensor US IDE approved. Enrollment to start in October this year Strong start to FY27 Masen, MiniMed Champion Q1 FY27 Earnings 5
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Q1 FY27 results Revenue $843M Adjusted EBITDA1 $83.1M CGM attachment rate2 69% New pumps sold 34k Product revenue mix Geographic revenue mix Consumables $261M l 31% +Low-double digits% Org Y/Y 1 Other3Pumps $144M l 17% +Low-20s% Org Y/Y1 CGM $431M l 51% +High-teens% Org Y/Y 1 United States $240M l 28% +13.1% Org Y/Y 1 International $603M l 72% +16.9% Org Y/Y 1 1. See “Appendix—GAAP to Non-GAAP Reconciliations” for a reconciliation to the most directly comparable GAAP financial measure. 2. Q1 average, for pumps only 3. Other $7M | Low-single digit% org y/y +16.6% reported +15.8% organic1 9.9% margin +100 bps Q/Q +500 bps Y/Y -17.9% Q/Q +7.7% Y/Y Q1 FY27 Earnings 6
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New product introductions are driving both New Pumps Sold and CGM attachment rate, resulting in Q1 growth acceleration New pumps sold grew 8% y/y • US: Q1 NPS >20% y/y • OUS: W. Europe NPS grew healthy DD CGM attachment rate grew 100 bps compared to Q4FY26 and is up 500 bps y/y Growth acceleration in Q1 FY27 1. See “Appendix—GAAP to Non-GAAP Reconciliations” for a reconciliation to the most directly comparable GAAP financial measure. 2. Note: Q1 FY27 had an extra week, with an estimated benefit to organic revenue growth of approximately 4 to 6%. 3. Growth rates exclude the extra week benefit. Q1 FY27 Earnings 7 WW International US Approx. Extra Week1 New pumps sold (NPS), WW +8% y/y 32K Q1FY26 34K Q1FY27 CGM attachment rate, WW +100 bps q/q 68% Q4FY26 69% Q1 FY27 Organic revenue growth1 Acceleration 7.4% 11.1% (0.1%) 8.6% 11.4% 3.1% 15.8% 16.9% 13.1% LDD growth 2LDD growth 2 HSD growth 2 H1FY26 H2FY26 Q1FY27 H1FY26 H2FY26 Q1FY27 H1FY26 H2FY26 Q1FY27
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Vivera FCL Algo Trial Enrolled Fully closed loop algorithm for T1 and T2 children and adults US pivotal enrollment complete; Launch H2 CY27 MiniMed Flex CE Mark Secured Early customer pilot starting this Fall with Simplera Sync Full launch Nov’26 Breaking news: accelerating the pipeline MiniMed Flex US Launch Launched with Simplera Sync late-June Received Medicare approval late July Launched with Instinct mid- August MiniMed Next-Gen Extended Wear CGM IDE approved Enhanced chemistry Uses existing Simplera manufacturing lines US IDE approved; enrollment starts Oct’26 Q1 FY27 Earnings 8 MiniMed Fit FDA 510(k) Submitted 300-unit reservoir Up to 7 days wear SmartGuard algorithm at launch Full launch Summer’27 Announced TodayAnnounced Aug. 17
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MiniMed Go EU launch Q1 CY26 Feb 2026 Timelines at IPO / S-1 (Say) Updates since IPO (Do) Change MiniMed 780G with Instinct EU launch CY27 July 2026 +4Q MiniMed Flex EU CE Mark End of CY261 July 2026 +2Q Delivering our pipeline ahead of expectations Vivera gen 3 algorithm US pivotal study Start by Feb 2026 Started Feb 2026. Completed enrollment August 2026. ~ MiniMed Flex with Simplera US launch Fall CY26 June 2026 +2Q MiniMed Fit US submission Fall CY26 August 2026 +1Q 1: Timeline provided during Q4 FY26 earnings call MiniMed Flex with Instinct US launch Fall CY26 August 2026 +1Q+1Q Q1 FY27 Earnings 9 MiniMed Go US launch Spring CY26 May 2026
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Progressing Gen 3 portfolio refresh by end of CY27 Core Expansion MiniMed 780G & Flex Simplera & Instinct MiniMed Go MiniMed Fit & Vivera Durable pump AID CGM attachment Smart MDI Patch AID Gen 2 Gen 3 AID systems Growth algorithm driven by four engines 2023 2026 2025 2026 2027 Q1 FY27 Earnings 10
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Q1 FY27 financial details
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Q1 FY27 adjusted EBITDA Q1 FY27 Earnings 12 $85M $45M -$37M $6M $4M $103M Adj. Gross Profit1 Adj. SG&A (ex-timing) 1 Adj. R&D (ex-timing)1 Q1 FY27 Adj. EBITDA (ex-timing and FX remeasurement) 1 Adj Other Items (ex-FX remeasurement)1,2 Q1 FY26 Adj. Standalone EBITDA1 Q1 FY27 Adj. EBITDA1 $83M 9.9% margin 11.8% 12.2%-310 bps +70 bps +300 bps -20 bps Delivered strong ~300 bps OpEx leverage including NPI acceleration Q1 FY27 Adj. EBITDA included two timing or non- operational impacts: New product introduction (Fit & Flex) acceleration (timing) -$8M (-90 bps) FX remeasurement -$12M (-140 bps) Total -$20M (-230 bps) RE - AFFIRM FY27 GUIDANCE Adj. EBITDA 16% On full year gross margin favorability 1. See “Appendix—GAAP to Non-GAAP Reconciliations” for a reconciliation to the most directly comparable GAAP financial measure. 2. Other items include depreciation, stock-based compensation, other operating income and other operating expense.
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Q1 FY27 balance sheet and cash flow Q1 FCF of $21M excluding separation and standup use of cash Q1 FY27 Earnings 13 -$90M +$38M +$23M +$50M $21M +$41M $62M Conveyed B/S ImpactFree Cash Flow1 Adj. for Extended Net Cash Terms Separation / Standup Costs Free Cash Flow1 (ex-separation/standup) Capex Operating Cash Flow1 (ex-separation/standup) Underlying cash generation and operating leverage position MMED for free cash flow improvement over time Q1 Balance Sheet / Liquidity Cash: $207M Debt: $0M Undrawn $500M revolver Separation/Standup Use of Cash: $111M 1. See “Appendix—GAAP to Non-GAAP Reconciliations” for a reconciliation to the most directly comparable GAAP financial measure.
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FY27 outlook
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FY27 guidance Margin expansion Original assumption (Q4 Call): Continued OpEx leverage expected to more than offset Simplera-related gross margin pressure Update (Q1 Call): Gross margin performance trending ahead of prior assumptions, offsetting Q1 FX impact; continued OpEx leverage Raising revenue on strong Q1 performance, reaffirming EBITDA margin Key Assumptions: Revenue growth MiniMed Flex US launch ramps through FY27 MiniMed Flex Europe launch begins in November (Q3 FY27) Instinct and Simplera global roll-out 1. Q1 FY26 included $7 million benefit from Italian payback, which needs to be removed from the FY26 base when calculating FY27 organic revenue growth 2. Includes 1–1.5% extra week benefit, which occurred in Q1 FY27 3. Based on recent rates Includes 1–1.5% extra week benefit3 Ambar, MiniMed Champion Q1 FY27 Earnings 15 Organic revenue growth Organic Revenue Growth Guidance¹,² FX³ Implied FY27 Reported Revenue Q4 FY26 Earnings Call ~10% ~+50 bps ~$3.42B Q1 FY27 Earnings Call ~10.5% ~+30 bps ~$3.43B Adjusted EBITDA margin Adj. EBITDA Margin Guidance Q4 FY26 Earnings Call ~16% Q1 FY27 Earnings Call ~16%
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Summary: Innovation. Growth. Execution. Strong start to FY27 • Strong double digit revenue growth • US: growth acceleration on MiniMed Flex launch • International: robust, sustained double-digit growth driven by new sensors FY27 revenue guidance raised • ~10.5% organic revenue growth, a 50 bps raise • ~16% adjusted EBITDA margin reaffirmed Executing today, commercializing the future • MiniMed Fit full US launch expected Summer 2027 • MiniMed Flex European launch expected November 2026 • Vivera US launch expected H2 CY27 • Next-gen MiniMed extended wear sensor pivotal starting October 2026 Growth accelerating, pipeline advancing, and confidence increasing Viktoria, MiniMed Champion Q1 FY27 Earnings 16
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Select non-GAAP financial measures
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Select Non-GAAP Financial Measures Non-GAAP Financial Measures Except for “Net Sales” “US Sales” and “International Sales”, each of the line items on the following slide were not prepared in accordance with U.S. GAAP and are therefore non-GAAP financial measures. Except for “Net Sales”, “US Sales”, “International Sales” and “Organic Revenue,” for each of the Q1 FY’ 26 financial measures presented on the following slide certain historical cost allocations related to centralized support functions that were originally allocated from Medtronic to MiniMed on a GAAP basis have been replaced with the expected run-rate cost structure for MiniMed as a standalone entity, allowing for a comparable analysis of reporting periods after MiniMed’s fiscal year ended April 24, 2026. These Q1 FY ‘26 financial measures also eliminate the impact of certain incremental non-recurring costs. These non-GAAP financial measures are presented to provide consistency and comparability while evaluating operational performance of the business, but they should not be viewed as a substitute for GAAP financial measures. Although management uses these non-GAAP financial measures when planning, monitoring, and evaluating our performance, any analysis of non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP. The non-GAAP financial measures presented may not be comparable to similarly named measures reported by other companies. Reconciliations for each of these non-GAAP financial measures to the most directly comparable GAAP measures are included in the section titled “GAAP to Non-GAAP Reconciliations”. Q1 FY27 Earnings 18
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Q1 Financial Results (Net Sales and Non-GAAP Financial Measures) Q1 FY27 Earnings 19 1. Other than Net Sales, US Sales and International Sales, the financial measures in the table above are non-GAAP financial measures. See “GAAP to Non-GAAP Reconciliations” for a reconciliation to the most directly comparable GAAP financial measures. $M except margins Q1 FY261 Q1 FY271 Year over Year WW Net Sales $723 WW Net Sales $843 16.6% Organic revenue growth Organic revenue growth 15.8% US Sales $212 US Sales $240 13.1% International Sales $511 International Sales $603 18.1% Organic revenue growth Organic revenue growth 16.9% Adj. Standalone Gross Profit $427 Adj. Gross Profit $471 10.4% % Revenue 59.0% % Revenue 55.9% -310bp Adj. Standalone R&D ($117) Adj. R&D ($115) -2.0% % Revenue 16.2% % Revenue 13.6% -260bp Adj. Standalone SG&A ($263) Adj. SG&A ($304) 15.7% % Revenue 36.3% % Revenue 36.1% -30bp Adj. Standalone EBITDA $85 Adj. EBITDA $83 -2.4% % Revenue 11.8% % Revenue 9.9% -190bp
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GAAP to non-GAAP reconciliations
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Organic revenue: GAAP to non-GAAP reconciliations Q1 FY27 Earnings 21 Organic Revenue Growth 1Q FY26 (ending July 31, 2026) and 1Q FY27 (ending July 25, 2025)
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P&L: GAAP to non-GAAP reconciliations Q1 FY27 Earnings 22 Q1 FY26 Gross Profit, R&D, and SG&A to Adj. Standalone Gross Profit, R&D and SG&A Q1 FY27 Gross Profit, R&D, and SG&A to Adj. Gross Profit, Adj. R&D (ex-timing), Adj. SG&A and Adj. SG&A (ex-timing) (in millions, except where noted) Q1 FY26 (in millions, except where noted) Q1 FY27 Gross profit - GAAP $409 Gross profit - GAAP $465 Less: Corporate Allocations 11 Less: Amortization 6 Less: Amortization 6 Adj. Gross profit $471 Adj. Standalone Gross profit $427 Q1 FY26 Q1 FY27 Research and development expense - GAAP ($125) Research and development expense - GAAP ($115) Less: Corporate Allocations 10 Less: Timing Adjustments (1) 4 Add: Standalone Costs (3) Adj. R&D (Ex-timing) ($111) Adj. Standalone R&D ($117) Q1 FY26 Q1 FY27 Selling, general, and administrative expense - GAAP ($283) Selling, general, and administrative expense - GAAP ($312) Less: Corporate + IDD Allocations 77 Less: Other Non-GAAP (incl. Transaction cost, Seperation cost and other) 8 Less: Other Non-GAAP (incl. Transaction cost, Seperation cost and other) 2 Adj. SG&A ($304) Add: Standalone Costs (60) Less: Timing Adjustments (2) 4 Adj. Standalone SG&A ($263) Adj. SG&A (Ex-timing) ($300) 1. Ex-timing refers to $4M of R&D expenses related to new product introduction (Fit & Flex) that was accelerated into Q1 FY’27 2. Ex-timing refers to $4M of SG&A expenses related to new product introduction (Fit & Flex) that was accelerated into Q1 FY’27.
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EBITDA: GAAP to non-GAAP reconciliations Q1 FY27 Earnings 23 (1) Charges primarily relate to the Diabetes Pump Retainer Ring litigation and accruals associated with other legal proceedings, including matters resolved during the period. (2) All periods presented include charges related to employee termination benefits and consulting expenses directly related to the restructuring efforts. (3) Reflects adjustments to the Company’s Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court and the Legislative Decree published by the Italian government on June 30, 2025 for certain prior years since 2015. (4) These charges represent costs incurred associated with the Separation. (5) Ex-timing refers to $4M of SG&A expenses related to new product introduction (Fit & Flex) that was accelerated into Q1 FY’27. (6) Ex-timing refers to $4M of R&D expenses related to new product introduction (Fit & Flex) that was accelerated into Q1 FY’27. (7) Ex-FX remeasurement refers to a $12 million adjustment to other operating expenses relating to net losses resulting from the revaluation of foreign currency monetary net assets into functional currency during the period. Q1 FY26 Net Income to Adj. EBITDA and Adj. Standalone EBITDA Q1 FY27 Net Income to Adj. EBITDA and Adj. EBITDA (ex-timing and fx remeasurement) (in millions, except where noted) Q1 FY26 (in millions, except where noted) Q1 FY27 Net Income ($16) Net Income $0 (+) Taxes, Interest and Other 3 (+) Taxes, Interest and Other 4 (+) D&A 39 (+) D&A 41 (+) Stock-Based Compensation 9 (+) Stock-Based Compensation 10 (+) Certain Litigation Charges (1) 17 (+) Certain Litigation Charges (1) (2) (+) Restructuring and Other Associated Costs (2) 3 (+) Restructuring and Other Associated Costs (2) 2 (+) Other Adjustments (3) (7) (+) Transaction Costs (4) 27 (+) Transaction Costs (4) 2 Adj. EBITDA $83 Adj. EBITDA $50 (+) Adjusted SG&A Ex-timing (5) 4 (+) Corp Allocations 47 (+) Adjusted R&D Ex-timing (6) 4 (+) IDD Allocations 42 (+) Adjusted Other Items Ex-FX remeasurement (7) 12 (-) Net Standalone costs (excl. SBC) (54) Adj. EBITDA (Ex-Timing and FX remeasurement) $103 Adj. Standalone EBITDA $85
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Cash Flow: GAAP to non-GAAP reconciliations Q1 FY27 Earnings 24 (in millions, except where noted) Q1 FY27 Net Cash Used in Operating Activities - GAAP (49) Additions to property, plant and equipment (41) Free Cash Flow ($90) Conveyed Balance Sheet Impact (1) 38 Separation Costs (2) 23 Adj. for Exended Net Cash Terms (3) 50 Free Cash Flow (ex-transition uses of cash) $21 Cash spent on Capex 41 Operating Cash Flow (ex-transition uses of cash) $62 Free Cash Flow 1. Reflects management estimates of incremental FY ’27 Q1 net cash flow if the balance sheet items generated by MiniMed’s international business prior to separation were conveyed to MiniMed at separation. 2. Separation-related costs primarily include costs incurred to support the Company’s separation from Medtronic, including costs associated with TSA and other arrangements with Medtronic following the separation 3. Estimate based on an anticipated net favorable change in working capital settlement terms that management expects to occur when the Company is no longer subject to TSA arrangements whereby Medtronic collects certain incoming customer receipts on behalf of the Company and makes certain supplier payments on behalf of the Company. Q1 FY27 Net Cash Used in Operating Activities to Free Cash Flow, Free Cash Flow (ex-transition uses of cash) and Operating Cash Flow (ex-transition uses of cash)
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Acronyms / glossary
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Acronyms and glossary Growth LSD Low-Single Digit MSD Mid-Single Digit HSD High-Single Digit LDD Low-Double Digit DD Double Digit Business Specific AID Automated Insulin Delivery ADA American Diabetes Association ASP Average Selling Price CGM Continuous Glucose Monitor CMS US Centers for Medicare & Medicaid Services DKA Diabetic Ketoacidosis DME Durable Medical Equipment DTC Direct-to-Consumer DTP Direct-to-Patient ECP Early Commercial Pilot EIS Extended Wear Infusion Set EMR Electronic Medical Record FCF Free Cash Flow FCL Fully Closed Loop Business Specific GLP-1 Glucagon-Like Peptide-1 HCP Healthcare Professional IDE Investigational Device Exemption KPI Key Performance Indicator MDI Multiple Daily Injections MDT Medtronic MMED MiniMed NEB Net Economic Benefit NPI New Product Introduction NPS New Pumps Sold OCF Operating Cash Flow OUS Outside the United States PWD Person / People With Diabetes RCT Randomized Controlled Trial SMDI Smart MDI T1 Type 1 diabetes T2 Type 2 diabetes TAM Total Addressable Market TBA To Be Announced TIR Time in Range MiniMed Product Glossary Instinct 15-day sensor made by Abbott Instinct Go 15-day sensor made by Abbott used with MiniMed Go MiniMed 780G 2nd gen durable pump AID MiniMed Fit 3rd gen patch pump AID MiniMed Flex 3rd gen durable pump AID MiniMed Go Smart MDI system Simplera 7-day easy-to-wear CGM sensor Simplera Sync 7-day CGM sensor used with MMED AID SmartGuard 2nd gen algorithm Vivera 3rd gen fully-closed-loop algorithm under pivotal trial Q1 FY27 Earnings 26